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Nigeria to Become Third World Largest Economy by 2050

If going by the forecast, Nigeria market is billed to become the third largest world economy after China by 2050, said the European Ambassador to ECOWAS, Mr. Michel Arrion. Speaking during his working visit to the Nigerian Chamber of Commerce, Industry, Mines and Agriculture (NACCIMA) National Secretariat, Oba Akinjobi, Ikeja GRA, Lagos, on Friday, Arrion who was accompanied on the visit by Mr. Filipo Amato, EU Head, Trade & Economic Section, said that Nigeria remained one of the biggest markets in the world with potentials market for exportation. According to the Ambassador, “Nigeria is paradoxical and it is one of the richest markets in the world. Because private sector contributes a bulk to income generation and distribution Nigeria will be the third largest world economy in 2050. The country has the potentials to attract foreign investment. The private sector provides the job. “We are here in Nigeria for joint actions in various domains, like advocacy in form of partnership agreement and coordination in policy engagement and integration. We are also here in Nigeria to work on regional integration process, both political and economy. Nigeria is the diplomatic hub of Africa. So, if Nigeria is committed ECOWAS will succeed,” said Arrion. However, the Ambassador noted that his visit and his team to the NACCIMA Secretariat was informed of the need to engage in business partnership. According to him, European Union is a block which has 20 member states of the Economic Community of West Africa (ECOWAS), who are represented in Nigeria with 20 bilateral ambassadors to formulate common policies and positions. In her own welcome address, the National President of NACCIMA, Iyalode Alaba Lawson, commended the efforts of the European Union for putting into the promotion regional integration among the private sector. operators in the West Africa Countries through its collaboration with the World Bank and ECOWAS Commission on the development of a tool on improved business and investment climate in West Africa.